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DEPOSITS AND RELATED INTEREST

12 Months Ended

Dec. 31, 2023

Deposits and Related Interest [Abstract]

DEPOSITS AND RELATED INTEREST

DEPOSITS AND RELATED INTEREST

Total deposits, including related accrued interest payable, as of December 31, 2023 and 2022 consist of the following:

			December 31,
			2023						2022
			(In thousands)
Non-interest-bearing demand deposits			$	2,537,431					$	2,630,458
Interest-bearing savings and demand deposits			5,601,099						4,774,265
Retail certificates of deposit			1,083,316						979,545
Institutional certificates of deposit			378,143						172,725
Total core deposits			9,599,989						8,556,993
Brokered deposits			162,180						11,371
Total deposits			$	9,762,169					$	8,568,364

At December 31, 2023 and 2022, the aggregate amount of uninsured deposits was $4.885 billion (50% of total deposits), and $3.498 billion (41% of total deposits), respectively.

The weighted average interest rate of OFG’s deposits was 0.88% and 0.41%, respectively, at December 31, 2023 and 2022.

Interest expense for 2023, 2022 and 2021 was as follows:

						Year Ended December 31,
												2023						2022						2021
												(In thousands)
Demand and savings deposits												$	48,722					$	24,261					$	23,713
Certificates of deposit												27,243						7,978						15,301
												$	75,965					$	32,239					$	39,014

At December 31, 2023 and 2022, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $747.2 million and $384.4 million, respectively.

In December 2023, OFG received a $1.2 billion deposit in an interest-bearing checking account from an existing long-standing Puerto Rico government client who had an inflow of liquidity. At December 31, 2023 and 2022, total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to $1.616 billion and $284.2 million, respectively. These public funds were collateralized with securities and commercial loans amounting to $1.645 billion and $367.3 million at December 31, 2023 and 2022, respectively.

Excluding accrued interest of approximately $3.0 million and $682 thousand, the scheduled maturities of certificates of deposit at December 31, 2023 and 2022 are as follows:

December 31, 2023
			Year-end amount						Uninsured amount
			(In thousands)
Within one year:
Three months or less			$	457,533					$	115,392
Over 3 months through 6 months			195,902						61,245
Over 6 months through 1 year			329,758						113,524
			983,193						290,161
Over 1 through 2 years			467,348						201,478
Over 2 through 3 years			94,450						13,971
Over 3 through 4 years			29,514						1,379
Over 4 through 5 years			45,575						4,665
Over 5 years			608						—
			$	1,620,688					$	511,654
December 31, 2022
			Year-end amount						Uninsured amount
			(In thousands)
Within one year:
Three months or less			$	238,776					$	29,503
Over 3 months through 6 months			152,940						18,238
Over 6 months through 1 year			262,976						59,093
			654,692						106,834
Over 1 through 2 years			279,034						64,109
Over 2 through 3 years			136,732						26,481
Over 3 through 4 years			51,505						8,276
Over 4 through 5 years			39,888						2,230
Over 5 years			1,108						—
			$	1,162,959					$	207,930

The tables of scheduled maturities of certificates of deposits above includes brokered-deposits and individual retirement accounts.

The aggregate amount of overdrafts in demand deposit accounts that were reclassified to loans amounted to $564 thousand and $495 thousand as of December 31, 2023 and 2022, respectively.

X

- Definition

Deposits and related interest.

+ References

No definition available.

+ Details

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X

- Definition

The entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 405
-Topic 942
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481047/942-405-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (e)
-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Publisher SEC

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.12)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

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